The Daily times. [volume] (Richmond, Va.) 1886-1889, 1887-01-19
The Virginia State Debt.
To The People Of Yirginia :

AZ a meeting of Virginia Bondholders; con
vened by the Council OF Foreign BOndnplIcIS'
and held on Friday, the 2itn OF SeP1c,nI,o,
1885, at the CannOn-strcet hOtcl, bV i'Iou'
the following resolutions were pasSou u''''''
"'Thst this meeting deplores the long contest
into which the bondhOldeIs have Oecn IoI ,i,
for the maintenance OF their rights, anu' !" iiilc
asserting its steadfast deterininalloh It ~ !,
cent the Riddlebergcr settlement, whlch, IN
view OF the admitted ability OF virginia 10 set
tie with her creditors, and the sacrinces Jney
have already made on her behalf, IT consldeIs
dishonest and UNJUST herepy tAprssses 10 -
Willingness to meet the State and entertain a
reasOna bic compromise based upon the pres
ent taxation and the available revenue altcr
providing for the Constitutional appropriation
for government, schools, and other pubic e2-
The state had the benefit OF the whole of the
money she originally borrowed (s@WO-UtO. IT.
laid the foundation OF her roads. railways ana
canals and has brought millions OF uOiihIs
into the country. Had yOu not constructed
these public works with the hOndholders
money you would have TO be taxed now Tor
them. - -
loved rhe benefit of its loans more tban v IT
GINA has done. l'ee senate DOCuiicuO AL ' e
Session. lsI1-'IS.l ,.. .,,,t
is keeping capital and immigration Out OF FlIt
oinia and as long as matters so continue you
the State i'm the way they deserve ~
The revenue OF Virginia is increasing: Inc
last assessment shows an Increase OF so1'NV-
90 in taxable values. Your present revenue
might be largely increased il the taxes were
more carefully collected and the present as
sessments on property equalized throughout
the State. , 49,, 60.
wears ago is easy now, and each year the bur
den will become lighter When the dent queS
ton is settled capital and enterprise, "nlch
now holds aOOf, will now into the stare,
The settlement offered 10y the bOndholders
prOpOSes that the bonds now IN existence pear
ing tax-recciyable coupons should be deposlte9
i'm some trust company; that new BONDS should
be issued in their place, bearing no taX-recely
able coupons. and at "a low rate or interest
when the state pays halt-year interest on
the new bonds the taX-rcceivable coupons Tor
that half-year shall be cut on the old bonds by
the trust company. cancelled. and delivered 70
the state. ANY increase on the present reNc-
nue. will be appropriated by the STATE ana
the bDndhOders will not have any claim on III,
There was cash balance last July in the
Treasury of 41S go, and the average purchase
OF Riddleberger Is by the state mas been AT
the rate OF $4,000 per annum m cash. inc
State has some millions OF dollars or ass ia
which would help her IN arranging settle
mCnt.
The bondholders are As deeply interested as
YOU are i'm maintaining the credit ana prosper
itv of vour state. They ask for a fair hearing
and a discussion Of the question by business
men, and not by politicians, whose interest IL
is to prevent an understanding being arrived
at and an honorable compromise made.
The best way Of bringing about this settle
ment is for taxpayers 10 tender coupons IN
payment OF their taxes. I'm view OF the con
ciiiatOry spirit and liberal Oder made by the
creditors | venture respectfully 10 submit 10
yOu that it is your moral duty, rs well as your
taxes now due. JAMES +. COOfEh.
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